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In long-term-care planning, state interest, self-interest coincide.
This is a good move by the Gov. As important is to do everything that he can to improve the economy. The baby boomers on the verge of retirement have seen our personal wealth and 401k's in dismal shape during the current administration.
elmore: The stock market has doubled since Obama took office. Individual stocks, mutual funds, etc. are doing great. 401(k)s are doing just fine. GET A CLUE!
How about creating a long term care insurance that works. Many insurers have dropped out of the market or no longer accept new clients.
I would NEVER buy long term care insurance on the private market! How are these policies regulated? Who can guarantee that the rules won't change?
This is the perfect opportunity for a HUGE ponzi scheme. The insurance companies collect money for 30+ years and then when its time to pay, it OOOPS! We are out of money, sorry suckers!
OK, folks, here is the true situation: In the years starting with President Obama the averaage wealth of the average American has dropped over $4,000.00. And so many people have lost their 401 K plans that they will never get to retire. The Boomers will have to work until they die since they have no pensions (less than 20 percent of those people have a pension) and not enough money to ever retire. Nice furture, eh? And now to ask older people to start putting away money for their nursing home days is a laugh. What money? Most people cannot buy a new car nor a new home nor save anything. It takes all they have to survive! And most boomers will live until they are in their 80's folks. And we are poised to fall into a new recession in 2013. No one has money to pay now or in the future for nursing home cares. That is the truth. By the way, I am back from my summer vacation. Not rich but all right. CIAMAN
claman: The drop in boomers' incomes started long before Obama. It was during the Bush administration that my church's meal programs saw a sharp rise in the number of formerly middle class (judging by their clothes and manners) people hesitantly coming to stand in line with the typical population of street people. But I agree that it's going to be really hard for the displaced middle-class people to finance their own retirements. We may have to return to the "communal house" living arrangements of the 1960s and early 1970s.
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